Elon Musk’s X.AI Shoots An Unrelated Token’s Price By 780%; Crypto AI Tokens Also Up

The cryptocurrency token XAI saw its value increase by an impressive 780% during the past day. xAI is a brand-new artificial intelligence initiative from billionaire Elon Musk. The new endeavor is included under the “X” umbrella brand, along with businesses like Tesla. The goal of the new effort, in Musk’s words, is to “understand reality.” XAI, a mysterious and unrelated crypto coin, rose in value due to its introduction.

XAI Price Up By 780%

The xAI cryptocurrency token increased by 780% from $0.0000000010 to $0.0000000088 following Musk’s xAI debut. The cryptocurrency now trades at about $0.001305, although its price has since dropped by 50%.

This is not the first time Elon Musk-related news has sent the cryptocurrency markets into a frenzy. Dogecoin’s (DOGE) price has fluctuated dramatically as a result of the billionaire’s comments several times. However, XAI is not Musk’s new endeavor’s sole token to go up.

Elon Musk Causes Crypto AI Tokens Price Rise

Artificial intelligence (AI)-related cryptocurrency tokens saw a gain of more than 3% on Wednesday when Elon Musk, introduced xAI, a new AI firm that would compete with ChatGPT, a well-known chatbot.

After the launch of the new firm with a mission to “understand the true nature of the universe,” tokens like SingularityNET (AGIX) and Fetch.ai (FET) increased by more than 6% and roughly 3%, respectively. According to the company website, the team will be managed by Musk and will include individuals who have previously worked for DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto.

Is xAI ChatGPT Killer?

Musk will serve as the project’s leader. Members of the xAI team have vast experience working for renowned institutions like DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto. 

The chosen name, xAI, is a tribute to Musk’s prior projects, especially X.com. When it was first introduced in December 1999, X.com was a cutting-edge Internet banking platform. In an ironic turn of events, it merged in March 2000 with PayPal Holdings Inc, another business Musk co-founded, before going on to stand alone. In 2017, Musk purchased the X.com name again from PayPal and repurposed it for his most recent project.